B&M has reshuffled its senior management team after reporting a 30% drop in profits for the first half of the year and grappling with an accounting error that rocked investor confidence.

Pre-tax profits at the discount chain fell to £191 million in the 26 weeks to 27 September, as rising costs and thinner margins hit performance.

The results follow a turbulent few weeks for the retailer, which saw its share price hit a record low after a £7 million accounting blunder last month forced it to cut its profit forecast and dismiss its CFO.

B&M has now appointed Helen Cowing as interim CFO.

A seasoned finance executive, Cowing has previously held CFO roles at FatFace, American Golf and Selecta, and last year served as interim CFO at Mobico, the parent company of National Express, after it faced similar accounting challenges.

The retailer also brought in Simon Hathway as group trading director and Jon Parry to oversee supply chain and retail operations as part of a wider effort to stabilise the business.

B&M’s UK sales have been sluggish amid mounting competition from supermarkets and rival discounters.

The company said its latest quarterly like-for-like sales were “at the lower end” of its previously stated low single-digit range, but reaffirmed its full-year profit guidance of £470 million to £520 million.

Chief executive Tjeerd Jegen said: “While the full financial benefits will build over time, I am confident our actions can restore sustainable like-for-like sales growth at B&M UK, which is our number one priority.”

Despite weaker margins, group revenues rose 4% to £2.7 billion in the first half, driven by both higher volumes and pricing.

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